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Prysmian to buy US firm Encore Wire for €3.9bn

RICHARD HEAP

April 15, 2024

Italian cablemaker Prysmian has agreed to buy US manufacturer Encore Wire for €3.9bn ($4.15bn) to expand its operations in North America.

Prysmian is the world’s largest cable manufacturer and said its agreement to buy Encore Wire for $290 per share represented a 20% premium to the company’s 30-day share price. It is active in sectors including wind and solar power.

Massimo Battaini, group chief executive at Prysmian, called the deal a “landmark moment” for the company. He added that it was “a strategic and unique opportunity to create value for our shareholders and customers”.

He said: “Through this acquisition, Prysmian will grow its North American presence, enhancing its portfolio and geographic mix, while significantly increasing the exposure to secular growth drivers.”

Daniel L. Jones, chairman, president and chief executive at Encore Wire, said: “Encore Wire and Prysmian are two highly complementary organizations, and we anticipate a bright future for Encore Wire as part of Prysmian. Furthermore, as part of a larger, global operation, we expect this transaction will bring additional future opportunities for our employees, whose dedication and hard work made this transaction possible.”

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